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Data: FactSet; Chart: Axios Visuals

If you saw the news that oil prices pulled back this week, don’t get too excited for your pocketbook just yet.

Driving the news: U.S. crude may have receded a few bucks from its seven-year record high — but global energy demand still signals that there’s room for this year’s upward march to resume.

Why it matters: Surging energy prices are a crucial part of inflation, and we’re heading into winter with all the heating needs that season brings.

What's new: The American Petroleum Institute said this week that U.S. crude inventories had grown, Louise Dickson, senior oil markets analyst at Rystad Energy, wrote in a research note.

  • That sent U.S. crude down from its Tuesday peak of nearly $85 per barrel.
  • The extra stockpile takes some of the edge off the supply-and-demand imbalance that has sent prices soaring this year.

Yes, but: More broadly, oil demand continues to outpace supply — and prices could still hit $100 per barrel by the end of the year, Dickson said.

Go deeper

Updated Nov 28, 2021 - Politics & Policy

Dems fear supply-chain blame

Illustration: Aïda Amer/Axios

As supply-chain kinks drive up prices and disrupt holiday shopping, Democrats are scrambling to show action and deflect blame.

Why it matters: With their party controlling both the White House and Capitol, vulnerable Democrats worry supply-chain snafus will hurt them in next year's midterms.

Biden administration makes first move on data privacy

Illustration: Sarah Grillo/Axios

The Biden administration is launching its first big effort on privacy policy by looking at how data privacy issues affect civil rights.

Why it matters: An administration perspective on privacy policy could be key in developing a long-awaited national privacy law by putting the White House stamp on how to regulate privacy.

Axios Investigates

Exclusive: Airbnb hosts Xinjiang rentals on land owned by sanctioned group

Data: Axios research, Airbnb, Australia Strategic Policy Institute's International Cyber Policy Centre; Map: Jacque Schrag/Axios

Airbnb has more than a dozen homes available for rent in China's Xinjiang region on land owned by an organization sanctioned by the U.S. government for complicity in genocide and forced labor, an Axios investigation has found.

Why it matters: The listings expose Airbnb to regulatory risk under U.S. law. They also land yet another American tech company in the crossfire between the U.S. and China.